Financials

Pandora to Open More Stores, Expand Lab-Grown Diamond Line

FinancialsFeb 08, 2023

Pandora to Open More Stores, Expand Lab-Grown Diamond Line

In its full-year results, the Danish jeweler outlined its plans for the year ahead.

2022_Pandora store.jpg
In Pandora’s full-year results, announced Wednesday morning, the company posted revenue growth of 13 percent year-over-year.
Copenhagen, Denmark—Pandora posted a strong finish to its fiscal year, reporting growth in its fourth quarter and for the full year despite macroeconomic issues.

The Danish jeweler is looking to the year ahead with cautious optimism, outlining its plans for new stores and an expansion of its lab-grown diamond jewelry line, Diamonds by Pandora.

“We ended 2022 on a high note. Despite the macroeconomic pressure on consumers and COVID-19 headwinds in China, we continue to deliver solid growth vs. pre-pandemic levels,” said CEO Alexander Lacik.

Its price adjustment on select items, announced in November, proved successful, said Pandora, with “positive” financial impact.

Fourth-quarter revenue was up 9 percent year-over-year to 9.9 billion Danish kroner ($1.4 billion) compared with 9 billion Danish kroner ($1.3 billion) in the fourth quarter last year.

It reported organic sales growth of 4 percent year-over-year, down from 10 percent last Q4, while its sell-out growth (sales in Pandora-owned and -operated stores) slipped 1 percent, down from 11 percent in the prior period.

Sell-out growth was negatively impacted in part by the fire in Pandora’s European distribution center in Hamburg, Germany in October 2022.

For the full-year, revenue was up 13 percent year-over-year to 26.5 billion Danish kroner ($3.8 billion) compared with 23.4 billion Danish kroner ($3.4 billion) in 2021.

Full-year organic sales growth was up 7 percent year-over-year, down from 23 percent in 2021 but ahead of its forecast of 4 to 6 percent growth. Its sell-out growth fell 4 percent, down from 20 percent in the prior period.

 Related stories will be right here … 

By sales channel, Pandora-owned physical retail stores saw sales up 24 percent year-over-year in the quarter and up 36 percent for the full year.

Online sales were flat in the fourth quarter and fell 6 percent for the year. Wholesale sales were down 5 percent in the fourth quarter and slipped 2 percent for the full year.

In the U.S., Pandora's largest market by revenue, quarterly sales were up 12 percent year-over-year while full-year sales were up 13 percent.

In 2022, Pandora opened 88 concept stores, mainly in the U.S. and China.

The company plans to open even more, eyeing approximately 140 to 190 openings in combined 2022 and 2023, well above the initial 100-150 openings it forecast at its Capital Markets Day in September 2021.

As for its jewelry, its “Moments” collections performed well, as did its “Diamonds by Pandora” lab-grown jewelry line, which got its start in the U.K. before launching in North America last year.

Its North American debut has been going to plan, said the company, with new collections in the works for this year. Half of the line’s purchases are from new customers and its lab-grown rings are the top performers, it said.

The company plans to bring the collection to new markets, though did not specify where the line would head next.

Pandora also noted it’s on track to meet its “green” goals, noting 61 percent of its silver and gold came from recycled sources in 2022. Its goal is 100 percent by 2025.

Looking to the year ahead, Pandora said it remains confident in its ability to navigate the “uncertain environment” while working on its strategic priorities. 

It expects to see organic growth falling or rising as much as 3 percent with an EBIT margin around 25 percent.

“Current trading in 2023 has been solid with a good, broad-based pick-up in sell-out growth. This is somewhat helped by an easier comparative base due to Omicron and earlier product launches than last year,” said Pandora, adding it is “pleased” that trading has been in line with its Q4 progress.

“We have started 2023 well and are confident that the transformation of the brand over the past few years puts Pandora in a good position to manage adversity and emerge stronger,” said Lacik.

The Latest

Benjamin Clymer and the Porsche Design x Hodinkee limited-edition watch
WatchesOct 04, 2024
Watches of Switzerland Clocks Another Acquisition—Hodinkee

The company said Benjamin Clymer will return to his role as head of the watch news website, which will maintain editorial independence.

Gabrielle Grazi
MajorsOct 04, 2024
Hearts On Fire Names Gabrielle Grazi VP of Sales, North America

The industry veteran is also the president-elect of the Women’s Jewelry Association.

Ray Griffiths Double Headed Snake Ring
CollectionsOct 04, 2024
Piece of the Week: Ray Griffiths’ ‘Double Headed Snake’ Ring

Slither into spooky season with this scary snake ring that boasts two heads with tsavorite eyes.

Article-Top-Image.jpg
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYC

This fall, sharpen your skills in jewelry grading, quality control and diamond assessment.

 Hurricane Helene
Policies & IssuesOct 03, 2024
RJO, CERF+ Join Those Offering Hurricane Helene Relief to Affected Jewelers

Plus, how to apply for emergency funds and donate to recovery efforts.

Weekly QuizOct 03, 2024
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Forevermark store Mumbai India
SourcingOct 03, 2024
How India Became the World’s Second-Largest Market for Diamond Jewelry

A strong economy, a growing middle class with an affinity for brands, and rapid expansion of organized retail have fueled the market’s rise.

Stock image of police cars with lights on
CrimeOct 03, 2024
Man Who Shared Spoils of $2.7M Smash-and-Grab on Social Media Pleads Guilty to Robbery Charge

Ladell Tharpe, 39, took part in a 2022 jewelry store robbery and then posted pictures of cash on Instagram with the text “Robbery Gang.”

1872x1052-Brought-to-you-By-Article-Image-Top (1).png
Brought to you by
Why You Can't Miss JA New York This Fall

Don't miss this one-stop-shop in October, curated with buyers’ needs in mind.

Sheryl Jones
MajorsOct 03, 2024
JA Appoints New Board Director

The trade organization welcomed Sheryl Jones to its board of directors for a three-year term.

Pandora chief marketing officer Berta de Pablos-Barbier
MajorsOct 03, 2024
Pandora Names 3rd CMO in Past 5 Years

New Chief Marketing Officer Berta de Pablos-Barbier has worked for LVMH’s champagne brands and Kering-owned Boucheron.

Assael earrings
TrendsOct 03, 2024
Amanda’s Style File: October’s Arrival

Transition to fall with this month’s birthstones of opal and tourmaline.

Dame Shirley Bassey’s
AuctionsOct 03, 2024
Dame Shirley Bassey’s Diamonds Are Ready for Their Encore

Sotheby’s will auction jewelry belonging to the “Diamonds Are Forever” singer Oct. 10 in Paris.

New Lightbox campaign with Emma Breschi
Lab-GrownOct 02, 2024
Lightbox Continues as a Brand, While Supplies Last?

The De Beers-owned lab-grown diamond company is rebranding and creating new collections, though its long-term future remains unclear.

Jane Goodall Brilliant Earth Campaign
CollectionsOct 02, 2024
Brilliant Earth Debuts Jane Goodall Collection

The collection is part of the retailer’s new “Rethink Everything You Know About Diamonds” campaign.

Tom Brady and his diamond-set Audemars Piguet Royal Oak watch
AuctionsOct 02, 2024
The GOAT’s Stash: Watches Owned by Tom Brady Going Up for Auction

The sale includes the custom-made, diamond-set Audemars Piguet watch the QB wore for Netflix’s “The Roast of Tom Brady.”

Armenian Jewellers Association logo
Events & AwardsOct 02, 2024
AJA’s Design Competition Now Accepting Entries

The Armenian Jewellers Association is hosting its design competition for the second year, with winners showcasing at GemGenève in May 2025.

Retiring Signet Jewelers CEO Gina Drosos
MajorsOct 01, 2024
Signet Jewelers CEO Gina Drosos to Retire

The jewelry retailer has named her successor and also will expand the role of Chief Financial Officer Joan Hilson.

Woman wearing many rings
MajorsOct 01, 2024
Kay Jewelers to Revamp Brand

The Signet Jewelers-owned banner has a new campaign and plans for store redesigns.

JV Insardi Solar Campaign
CollectionsOct 01, 2024
JV Insardi Inspires Curiosity in New Collection

Creative Director Jen Insardi brings a new take on classic gold bead designs to her “Solar” collection.

Glenn Douglass Oklahoma Jewelers Association
IndependentsOct 01, 2024
Oklahoma Jewelers Association Grants Lifetime Achievement Award

The recipient, Glenn Douglass, also was inducted into the OJA Hall of Fame.

Stuller 2024 Milestone Anniversary Banquet
MajorsOct 01, 2024
Stuller Celebrates Long-Serving Employees

The manufacturer recognized several team members at its 2024 Milestone Anniversary Banquet.

Oscar Heyman emerald ring
AuctionsSep 30, 2024
Oscar Heyman Jewels, Paraíba Pieces Shine at Bonhams Auction

The single-owner collection sale, which took place in New York last week, achieved $4.8 million, with almost every lot finding a buyer.

Yvonne Leon Noeud Ring
TrendsSep 30, 2024
Amanda’s Style File: Dainty Delights

While statement pieces always shine, it’s time for everyday staples to be the star of the show.

Jewelers of America Fly-In
Policies & IssuesSep 30, 2024
JA Fly-In to DC Focuses on Russian Diamonds, Retail Crime

Jewelers of America leadership and members recently headed to D.C. to share the industry’s top concerns with lawmakers.

Graphic with headshots for My Next Question 2024 holiday season
Recorded WebinarsSep 27, 2024
Watch: Prepare to Shine This Holiday Season

Three members of JA's 2024 "20 Under 40" class join Amanda Gizzi and Lauren McLemore to share their tips for seasonal retail success.

Lalaounis Archaeological Revival Necklace
CollectionsSep 27, 2024
Piece of the Week: Lalaounis’ Necklace is an Archaeological Revival

The necklace, inspired by ancient artifacts, celebrates strength, endurance, and the natural world.

Woman wearing Rocksbox jewelry
MajorsSep 27, 2024
Signet-Owned E-Tailer Rocksbox to Launch on Amazon

Rocksbox is the first banner owned by Signet to sell its jewelry through the retail giant.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy